I would try to stay with nicer areas and higher rents. $800 and up.

If you built a triplex next door you wouldn't necessarily need to split the lot if you were looking at a build and hold scenario and you could get owner-occupied construction financing.Doing 5 or more units on the same parcel puts you into commercial loan territoryYou could however potentially split the lot and then build a four-plex next door and stay within residential loan guidelines.Construction loans in my area typically lend 60-65% loan to costYou may have enough equity in the house to be able to get that 65% financing without any cash out of pocket.If you were able to split into 10th of an acre lots you could phase the build out of 6 single family homes: BBRRBuy, Build, Refinance, RepeatGood luck!

I have knowledge on wholesaling so far still probably could learn more about it but I also want to learn about other fields in the real estate industry.

Stayed in East Nashville with some friends on the way to this music festival in Franklin.

Then, you can use that knowledge to eventually syndicate your own deal, or at least take a step in the right direction.

However, I'm wondering if I am missing an opportunity here, if anyone has knowledge of the potential pitfalls, or if there is anything that could be misconstrued into a legal issue.

Also, make sure you put in a clause that there is no sub leasing.. bad things can happen if your tenant decides to rent out the apt without your knowledge 

Had they had better management over the years, and stayed up on maintenance, the fees probably wouldn't need to be so high now. 

I would stay away from Renters' Warehouse. 

I would want to stay away from cities that meet that kind of description and invest somewhere else.